03/29/2024

California Chamber of Commerce

“Although the council expects California’s economy to continue to grow, the state is not without its challenges. Growth has moderated recently, and the tremendous surge in tech-related hiring and associated construction projects is unlikely to be sustained longer term. Retailers and financial services firms are still posting only modest gains.

Labor disputes at West Coast ports could push importers to make more permanent adjustments to their supply chains away from Los Angeles and Long Beach. Lower oil prices are weighing on the energy producers in Kern County, and a lack of water remains a challenge for farmers and residents alike.
In addition, the state’s high costs of living, combined with sluggish wage and salary growth for middle-income households, has exacerbated the outmigration of residents. Few of these problems are truly new, however, and California seems to continuously prove that none of them are insurmountable.”

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